Aug 19, 2018 / 11:38

Vietnam sees sharp decline in petroleum imports in July

In the first seven months of 2018, a total of 7.8 million tons of petroleum products worth US$5.2 billion were imported, up 3.9% in volume and 31.6% in value year-on-year.

Vietnam imported 820,000 tons of petroleum products in July worth US$558 million, down 41.8% in value and 41.7% in volume month-on-month, according to the General Department of Vietnam Customs (GDVC). 
Illustrative photo.
Illustrative photo.
In the first seven months of 2018, a total of 7.8 million tons of petroleum products were imported with US$5.2 billion, up 31.6% in value and 3.9% in volume year-on-year. 

According to the GDVC, Vietnam mainly imported petroleum products during this period from Malaysia with 2.2 million tons, up 50.5% year-on-year, followed by South Korea with 1.97 million tons, up 11.6% year-on-year. 

Notably, imported petroleum products from Singapore in the January - July period saw a sharp decline with 1.81 million tons, down 40.5% year-on-year. 

In 2017, Vietnam imported petroleum products the most from Singapore with 4.3 million tons, accounting for 33.5% of Vietnam's total imported volume. Imported value from South Korea stood at the second place with 3.03 million tons. 

This year, imported petroleum products from Malaysia make up the largest share of Vietnam's total imported volume. 

In May, petroleum imports witnessed the sharpest growth among Vietnam's 54 import groups. Petroleum import turnover in May reached US$873 million tons, up 38.3% month-on-month, for 1.26 million tons, an increase of 28.7% month-on-month in value. 

Overall, Vietnam imported a total of 5.7 million tons of petroleum products in the first five months of 2018 worth US$3.71 billion, up 38.6% in value and 13.8% in volume year-on-year.